Calculate The Due Simple Flat Rate Interest Earned by a Principal of 2,000.00 (Dollar, Euro, Pound, ...), 5.00% Annual Interest Rate, for a Period With The Duration of 4 years, 9 months and 1 day

Calculation method used. Calculation formula. Used notations


[1] Calculation method used: 30 / 360

Number of days in a month = 30


Number of days in a year = 360


[2] Simple interest, I
Calculation formula:

I =


(P × r × t) ÷ 360


I = Simple interest amount


360 = Number of days in a year


P = Principal (initial amount)
P = 2,000.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 5.00%


t = Duration of the investment, in days
t = 4 years, 9 months and 1 day

t =

+ 4 years × 360 days / year
+ 9 months × 30 days / month
+ 1 day

t = 1,711 days



>> Simple Interest: what is it, how is it calculated?


Calculate the simple interest amount

[3] Substitute for the values
in the Simple Interest formula:

I =


(P × r × t) ÷ 360 =


(2,000.00 × 5.00% × 1,711) ÷ 360 =


2,000.00 × 5.00 ÷ 100 × 1,711 ÷ 360 =


(2,000.00 × 5.00 × 1,711) ÷ (360 × 100) =


17,110,000.00 ÷ 36,000 ≈


475.277777777778 ≈


475.28


[4] V = Amount earned:

V = P + I =


2,000.00 + 475.28 =


2,475.28


[5] Project Breakdown. Monthly.

The simple interest is evenly distributed
along the months that make up the project

Month Days Interest Total
interest
Balance
0 0 -- -- 2,000.00
1 30 8.33 8.33 2,008.33
2 30 8.33 16.67 2,016.67
3 30 8.33 25.00 2,025.00
4 30 8.33 33.33 2,033.33
5 30 8.33 41.67 2,041.67
6 30 8.33 50.00 2,050.00
7 30 8.33 58.33 2,058.33
8 30 8.33 66.67 2,066.67
9 30 8.33 75.00 2,075.00
10 30 8.33 83.33 2,083.33
11 30 8.33 91.67 2,091.67
12 30 8.33 100.00 2,100.00
13 30 8.33 108.33 2,108.33
14 30 8.33 116.67 2,116.67
15 30 8.33 125.00 2,125.00
16 30 8.33 133.33 2,133.33
17 30 8.33 141.67 2,141.67
18 30 8.33 150.00 2,150.00
19 30 8.33 158.33 2,158.33
20 30 8.33 166.67 2,166.67
21 30 8.33 175.00 2,175.00
22 30 8.33 183.33 2,183.33
23 30 8.33 191.67 2,191.67
24 30 8.33 200.00 2,200.00
25 30 8.33 208.33 2,208.33
26 30 8.33 216.67 2,216.67
27 30 8.33 225.00 2,225.00
28 30 8.33 233.33 2,233.33
29 30 8.33 241.67 2,241.67
30 30 8.33 250.00 2,250.00
31 30 8.33 258.33 2,258.33
32 30 8.33 266.67 2,266.67
33 30 8.33 275.00 2,275.00
34 30 8.33 283.33 2,283.33
35 30 8.33 291.67 2,291.67
36 30 8.33 300.00 2,300.00
37 30 8.33 308.33 2,308.33
38 30 8.33 316.67 2,316.67
39 30 8.33 325.00 2,325.00
40 30 8.33 333.33 2,333.33
41 30 8.33 341.67 2,341.67
42 30 8.33 350.00 2,350.00
43 30 8.33 358.34 2,358.34
44 30 8.33 366.67 2,366.67
45 30 8.33 375.00 2,375.00
46 30 8.33 383.34 2,383.34
47 30 8.33 391.67 2,391.67
48 30 8.33 400.00 2,400.00
49 30 8.33 408.34 2,408.34
50 30 8.33 416.67 2,416.67
51 30 8.33 425.00 2,425.00
52 30 8.33 433.34 2,433.34
53 30 8.33 441.67 2,441.67
54 30 8.33 450.00 2,450.00
55 30 8.33 458.34 2,458.34
56 30 8.33 466.67 2,466.67
57 30 8.33 475.00 2,475.00
58 1 0.28 475.28 2,475.28
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 2,000.00

Amount earned = 2,475.28

Simple interest amount = 475.28


More calculations on Simple (Flat Rate) Interest:

Calculate simple flat rate interest on a principal borrowed, lent

Simple Interest Amount = (Principal × Annual Simple Interest Rate × Duration in days) ÷ Number of days in a year

The Latest Calculations on Simple Interest and Earned Amounts

Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 2,000.00 Annual Interest Rate: 5.00% Duration: 4 years 9 months and 1 day Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 3,119.00 Annual Interest Rate: 3.00% Duration: 5 years 8 months and 25 days Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 6,199.00 Annual Interest Rate: 2.00% Duration: 5 years and 11 days Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 1,924.00 Annual Interest Rate: 3.00% Duration: 2 years 3 months and 4 days Transaction Fee Rate: 3.00% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 244.00 Annual Interest Rate: 31.00% Duration: 2 years 6 months and 18 days Transaction Fee Rate: 5.00% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 49,932.00 Annual Interest Rate: 4.00% Duration: 4 years 9 months and 5 days Transaction Fee Rate: 0.25% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 246.00 Annual Interest Rate: 6.00% Duration: 1 year 9 months and 28 days Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 28.90 Annual Interest Rate: 0.70% Duration: 5 years 9 months and 15 days Transaction Fee Rate: 2.00% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 54,067.00 Annual Interest Rate: 2.80% Duration: 5 years 8 months and 22 days Transaction Fee Rate: 0.10% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 6,965.00 Annual Interest Rate: 2.00% Duration: 5 years 10 months and 3 days Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 45,816.00 Annual Interest Rate: 2.40% Duration: 5 years 6 months and 4 days Transaction Fee Rate: 0.25% Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 95.00 Annual Interest Rate: 6.00% Duration: 3 years 5 months and 1 day Nov 01 22:42 UTC (GMT)
Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 246.00 Annual Interest Rate: 6.00% Duration: 1 year 9 months and 28 days Nov 01 22:42 UTC (GMT)
All the Calculations on Simple Interest and Earned Amounts


Simple flat rate interest.

Interest

The annual simple flat interest rate

>> Full article: simple interest